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. >>> ben bernanke, coming to capitol hill. the central bank chief is ready for tough questions from lawmakers about the economy, interest rates and the fed's exit strategy. and president obama reaching out to business leaders, hosting a white house dinner for some high profile ceos. today, he addresses a business round table. those stories and more as "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box." i'm becky quick along with joe kernen and carl quintanilla. we've been watching the markets this morning. after a down day yesterday, you'll see we're not getting any bounceback just yet. after yesterday's markets, obviously, you've got a lot of watchers waiting to figure out what happens. >> yeah. that consumer confidence number was troubling. >> it was. >> people now thil thinking maybe the sample was bad because i was worse than a lot of people expected at this stage of the game. we've got jobless claims high. we'll talk a lot about that this morning. but toyota's troubles are in the spotlight again today as the company's ceo appears on capitol hill
the height of the economic crisis. ben bernanke was expected to testify but the hearing was canceled because of the snow. bernanke says the fed will likely raise it is interest rate it pays banks. raise the rate but analysts say that could hurt folks looking for consumer loans because banks have incentive to sit on their money rather than lend. this is the cycle and we're gob to move forward. bernanke says the move is months away and claims it's best for the fed to recoup the money it loaned out. you may wonder why would the federal reserve do something to make it more difficult to get loans? at the same time, the obama administration wants banks to extend loans to small business to say they can hire more workers. it's a central component of the job creation plan. major garrett has more. how can each happen at the same time, as if i didn't know? >> i've talked to senior administration officials and of course the federal reserve is an independent agency, the white house and treasury department don't like to talk about the policy but the federal reserve and government are more interlinked sinc
quickly got interest rates to zero. >> when dow, based on what the chairman of the fed mr. bernanke said recently, when do you expect him to begin or the fed to begin feeling like in order to combat inflation they have to do something. >> you know. >> rose: about raising the cost of money. >> i think the fed has made it very clear they don't think that that time is any time soon if you read their statements. they are very careful to say it is certainly a ways off. i think what chairman bernanke was doing was talking about a plan. and how, when it's time will the fed be able to drain reserves so people have the confidence to know that if they get worried, they can, you know, take the reserves out of the system so you don't have inflation. i like to draw the analogy t is very much what the president is doing with his budget, at the same time that he is saying we need to do some more energy spending to create jobs, sort of those targeted measures, we need to put in place a plan for as we come back to full employment, how do we deal with the budget deficit. that is exactly what he is talking
up at a senate hearing today with fed chairman ben bernanke. >> we have a situation in which major financial institutions are amplifying a public crisis for what would appear to be for private gain. i want to ask you here whether or not you think there ought to be limits on the use of credit default swaps to prevent the intentional creation of runs against governments. do you have any quick comments on that? >> using these instruments in a way that intentionally destabilizes a company or a country is... is counterproductive, and i'm sure the sec will be looking into that. we'll certainly be evaluating what we can learn from the activities of the holding companies that we supervise here in the u.s. and joining me with the latest on all this is roben farzhad, senior writer for "bloomberg business week" magazine. in general terms first, what exactly is chairman bernanke promising to look into? >> this has for the better part of the decade been the great big unknown, this world of derivatives which are largely unregulated secondary investment vehicles. they're almost train of thought.
tonight. thank you. the federal reserve chairman ben bernanke laid out the blueprint for the fed's plan to recoup all the money it loaned out in the great recession and in turn winding down the stimulus program. bernanke issued a statement saying the fed will try to raise the interest rate it pays banks to keep money in the u.s. central bank. analysts say that way banks would be less inclined to put money on risky investments. but they also say that could hurt consumers because those banks would have more incentive to sit on their money and earn interest rather than lend it out to you and me. but, bernanke says the plan will not be implemented until the economy is on a firmer footing. on wall street, the stock market managed to steady itself before the closing bell today. after hearing bernanke's plans concerning the central bank, stocks suffered sharp early losses before reversing course later in the day. the market ended up just about where it started. the dow dropped 20 to close a little bit above the 10,000 mark. the nasdaq down 3. the s&p off 2. while the fed works on the financial
the greatest effect, good or barksd on the american economy out of the key u.s. financial leaders, ben bernanke, tim geithner and larry summers. the great majority of your votes were not surprisingly for ben bernanke. some says he was brilliant and deserving of a medal of honor. others like josh of new york thought bernanke's actions were detrimental by bringing interest rates down to near zero he has set the stage for roaring inflation. one member said it wasn't any member of them that deserves credit, it was, quote, the hard working people who pay full taxes. this week i want to know on a scale of one to ten how likely you think it is that we will see a resolution of the palestini palestinian-israeli conflict in the next ten years. let me know what you think. please don't forget to include your name and where you live. we like to know who is watching and give credit where it's due. as always, i would like to recommend a book. it's called "come back america: turning the country around and restoring fiscal responsibility." it's about what everybody was talking about in davos last week and washi
in place. we had hank, ben bernanke tim geithner and sheila bair the head of the fdic. i know a lot of people in finance and a lot of people in business and government. and i can't think of for that would have done a better job of getting us through that. now it's kind of fashionable to look back and pick at one aspect or another of what was happening and our country's financial system froze up during that period. some of you in this room were at a party i was at in september of 2008, one to talk was the money market funds saved. if we have 3.5 trillion fun missile by 30 million people who on is and they might are worrying about whether they can get their money that was half of all the process held by u.s. banks at the time you have a panic. you had commercial paper frees up entirely in the biggest companies of the united states and some are described in this book that worried whether they were going to meet their payroll and a short period of time to read the sixth largest bank in the country in terms of the domestic deposits, washington mutual failed over a weekend. you had the th
. people like alan greenspan and ben bernanke gave us the largest downturn since the great depression. that is why we have a huge budget deficit. we didn't have a huge tax cuts. we had stimulus and response to the downturn. we have higher unemployment if we have not had that but let's be clear if we are upset about the deficit greenspan and bernanke, i don't know why we reappointed bernanke. in terms of the entitlement programs, yeah we have a public pension program, which is hugely popular. you look at polling day that-- i was at a conference this morning in social security is over 90%. they ask people would you be willing to pay higher taxes to sustain sosa security benefits and 70 to 80% said yes. i don't see any problem with running a pension program through the public sector. what is the problem with the? it is usually popular. health care costs, medicare again. we are providing medicare health care benefits for seniors. that is also hugely popular. you have these tea party people out there yelling don't let the government touch medicare. they are anti-government but they want me
efforts by raising interest rates. chairman ben bernanke outlined the effort in written testimony for a congressional committee. bernanke said the economy still needs an easy money policy for now, but he added: "at some point the federal reserve will need to tighten financial conditions." the talk of higher rates kept wall street at bay. the dow jones industrial average lost 20 points to close at 10,038. the nasdaq fell three points to close below 2,148. thousands of workers in greece staged a national strike today, protesting a government plan to freeze salaries and cut bonuses. the 24-hour strike closed schools, and brought air travel to a halt. we have a report from john sparks of independent television news. >> reporter: it's easy to say, the 24-hour strike closed greece filed a test case for other indebted states. its huge socialist government plans been cuts. for many here on the streets of athens today it is not acceptable. "the capitalist government has declared war on the working classes. we will respond with war-like measures," said this mp. the government wants to raise
that dr. bernanke, if he has two patients, the one with a positive attitude does better. >> i agree with dr. bernanke, but stress does cause your arteries to con strict, it ka cause the arteries to build up faster, it can cause blood clots to form that causes a heart attack, that's the bad news. but stress is not simply something you do, more importantly it's how you react to what you do. if you practice some simple stress management techniques, you can be in the same job, you can go to haiti, and not have it affect it. you can accomplish even more without getting so stressed and without getting sick in the process. >> larry: sanjay, do you understand why the president is so passionate about haiti? >> he's had an affinity for this place for a long time, larry. i interviewed him when he was down here and talked about haiti with him a few times in the past. he had his honeymoon here, as i know you've talked about, larry, so he's been thinking about haiti for a long time. i think he has a strong affinity not only to haiti but to the haitian people living in haiti and the united states,
bernanke. he'll be delivering his semi-annual testimony before congress today. also tomorrow. you can bet those questions from lawmakers will focus a lot on unemployment in this country, the outlook for the overall economy and interest rates from the fed. what happened last week that's really going to play in here, the fed surprised wall street. they raised the interest rate that they charge banks for emergency loans. a lot of focus on that today expected as well. we're also going to keep a close eye on the housing sector today at the top of the hour. we'll get a report on new home sales. it is expected to show actually some good news that home sales jumped 5% last month. meantime, we've got one of the nation's biggest home builders toll brothers reporting earnings. the company also saying, listen, the housing market is still "in choppy waters but the seas are getting calmer." toll brothers reported its first quarter loss, narrowed a bit from a year ago. that's good news on the housing front. shares are up just slightly, about 2% this morning. the dow industrials is pretty strong open. up
assurances by the federal bank. ben bernanke offered an up beat report on the nation's recovery yesterday. he told congress interest rates will remain low to encourage borrow ing. the dow rose 91 points after dropping more than 100 the day before. >> we have no idea which way the economy is going. bernanke has no idea which way the economy is going. >>> officials in florida are collecting eyewitness accounts in yesterday's deadly attack at seaworld, orlando, where an experienced trainer was killed by a 12,000-pound whale. the 40-year-old victim was snatched from the platform as the audience looked on in horror. witnesses say the killer whale thrashed her back and forth and dragged her under water. it's the third time this killer whale has been involved in a human death. >> the third time. a killer whale kills three times. the officials say they're not going to put the whale down wha killer whales do. >>> time to go to willie geist looking at what's going on in vancouver. willie? >> reporter: that's a terrible story, mika. let's move on to the olympics here. the hockey was the big story yester
for banks in the country. host: ben bernanke referred yesterday to short-term political liability for this. guest: i think he is absolutely correct. people tend, under these kinds of conditions, to one to blame someone. the problem with that is there are plenty of people to blame. we deregulated the industry. the congress deregulated the industry. there was a culture, if you will, of deregulation. and this encouraged some of what i call speculative activities that led to the bubbles and then the collapse. yes, you had this reaction. i think it is an overreaction, and the outcome would be -- as you try to blame someone you get worse outcomes rather than better outcomes, and i think that is what the chairman was trying to communicate. host: does the banking committee and the members, are they right to be angry at the fete at all? guest: if they're going to be angry, i think they have to be angry at everyone, including themselves. they allow these organizations to get bigger and more risk oriented. and yes, and regulatory agencies because of this culture -- the regulatory agencies because of
velshi later today. >> a lot of great stuff. >> ben bernanke will testify on the hill today. >> we'll get his prescription or a forecast on what will happen with the overall economy. a lot of questions. when will this economy be back to normal and what is normal? that means your job, home and bank. let's take a look at where we stand. the national association of business economics predicts job growth is on its way, forecasting 140,000 jobs per month will be added in 2010. in the new normal, no thing is ever as it seems. yesterday we found out mass layoffs rose last month for the first time since august. more than 180,000 folks fell victim to mass layoffs in january. we saw consumer confidence tumble. consumers are still very nervous. how about your house? your biggest asset most likely or what was once your biggest asset. one out of every four mortgages is under water. it means you owe more than the house is worth. foreclosure will continue. speaking of lenders, banks still in trouble. one out of 11 banks is at risk of going under. that's the problem bank lift, 140 banks were shut down la
that of course was going to burst, and this is why i get mad at people like alan greenspan and ben bernanke and most economists because god knows what on earth was going through their heads in the year 2003 to those of four cardinals five, 2006, to dozens of as the bubble could growing and growing and the savitt is okay and now they are surprised who could have known that is the joke we have or not washington they run around saying who could have known? anyone doing their job should have known. >> host: amity shlaes, anything you want to address? >> guest: i think it's important of the interplay and the war and domestic policy because when you have -- it's true the government can't think about two things at once. it can't walk and chew gum at the same time and when you have a distraction whether you believe it's something we should invest in, afghanistan, iraq or not the government doesn't think well what is going on at home so if he would have called on our various leaders at the fed or the white house over time under -- in this purpose it would be under president bush postsecondary 11th h
bernanke is concerned about the nation's economic recovery. during the ceremonial swearing in for his second term, bernanke told staffers that despite a growing economy, far too many people remain unemployed. he also talked about the challenges facing the fed, which include protecting its independence from congress and making the institution more open and accountable. >>> president obama's aunt is preparing to make her second bid for political asylum. she'll go before an immigration judge if boston after defying a deportation order in 2004. she's expected to argue that ties to the president could make her a political target if she returns to kenya. her status was revealed shortly before president obama was elected in 2008. >>> and while many of you are gearing up for this sunday's super bowl, some in the nfl are worried that the game's days could be numbered. the players association fears owners will impose a work stoppage after the current collective bargaining agreement expires and they're taking their caught to capitol hill. the league says a new collective bargaining agreement wil
her terribly. >> some of the stories this morning at 10:00 a.m., ben bernanke is on capitol hill. all ears will listen to his take on job creation. this afternoon, the president will make his case for creating more jobs. it's going to happen at the business round table. >>> this afternoon in vancouver, fresh off the upset of team canada, the u.s. men's hockey team takes on switzerland. >> usa! usa! >> something tells me you are watching. >>> a star sentenced to five years in prison for shooting his limmo driver. it's been years coming. >> eight years in the running. this is a guy who literally had it all at one point. an nba all-star. one of the richest contracts in the league. prosecutors say he was playing with a shotgun, shot his driver, tried to cover it up. yesterday, a new jersey judge sentenced him to five years in prison. afterwards, he said he was sorry. >> i sincerely apologize for my actions that caused his death. i pray that today brings you some comfort. my children, you deserve a better father. son, brothers than i have been. >> he was apologizing to his victims there. h
, in studying history, unless you learn from it, all the economic experts and bernanke and obama included, understood in the great depression the one thing they did not do is spend enough fast enough in order to stimulate the economy in order to create sustainable growth which obama and bernanke are doing. >> so, jeanne, why is this package viewed so negatively by so many in the country one year later? >> well, i think that the democrats didn't necessarily sell it as it was, you know, throughout the year. they went off and did health care and then came back to jobs. you know, 2 million people may have been helped by it. but another 8 million lost their jobs. so, more people are feeling pain than benefit. and so as a result, i think most people don't -- don't appreciate or really understood that, you know, it was a limited package. people thought it should have been bigger. it helped, but it didn't resolve the economic crisis we were in. >> wow. ryan, what's your view on that? why do you believe so many people have such a negative view of the package? >> i have to agree. we didn't sell it
as a country to have in place, hank, ben bernanke kumbaya tim geithner and sheila bair the head of the fdic. i know a lot of people and finance and business and government. i cannot think of for that would have done a better job. but to look back of our country's financial system throes of during that period. some of you were in a party i was that in 2008 when the talk, when you have 3.5 four more trillion held by 30 million people on a sunday night are worried about whether they can get their money, that money was half of all deposits held in the banks at that time. you have a panic. you have commercial paper frees up entirely and some of the biggest companies described in the book worried if they would be payable in a short period of time. the sixth largest bank in the country with the maastricht staged domestic deposits and the third largest bank, wachovia, i needed a shotgun marriage on a monday morning and it just arrived this. interestingly the bookstores early september when fannie mae and freddie mac worry essentially bart -- broke. the two institutions guaranteed 40 percent of all res
the federal reserve to take the lead on this. citing mr. bernanke does not want to step up and -- i think mr. bernanke, unfortunately, does not want to step up and take responsibility. i think the administration put a good deal of capital to work to make sure that he stayed on as chairman of the fed. but honestly, it would require presidential leadership at this point. we see encouraging signs, but also discouraging signs. the president said nice things about big bankers and their compensation just last week. you have to ask the white house where we are on this issue. host: simon johnson is the author of an upcoming book, "13 bankers." when will this come out? guest: when wilthe end of march. i do not think this problem is going to go away anytime soon. host: wyoming, republican line. caller: i would just like to say a few things and please do not cut us off because we do not get a chance to get in as many times as the democrats and the independent line. i'm a conservative woman of color. i notice every time on c-span and i get to be disappointed. and i will get to my question. i notice a ta
, and if the government pulls back too fast, if bernanke pulls back too fast or if the executive congressional branches pull back too fast, there is a question whether it would worsen things, i think that's legitimate. what i do believe you can put into place trigger mechanisms on medicare reforms, on medicaid reforms, on social security reforms, so that these things are in law and they're not just sort in imagination. it's hard, as you know, nor invei for investors to have much confidence in the future of the nation's finances when there's nothing and it's just talk and we're just continuing to talk. >> on that very point, there was a new report on rising life expectancy, which is a great thing, a great triumph of human medicine, but, you know, why don't we talk about raising the retirement age for medicare and social security gradually over the next 20, 30 years. it would save a lot of money. >> that's going to be a big discussion that we'll be having on this show very regularly, and we'll call on both of you to do it again, david gergen, cnn analyst, and stephen moore, "wall street journal" writer.
. jon: "happening now" in the top box. ben bernanke on the hill right now expressing confidence the economic recovery will endure. but he stresses the importance of keeping interest rates at record lows. knowledge crews meeting a jetblue in fort lauderdale. someone onboard was injured when the flight hit turbulence. in the bottom box the world health organization says the h1n1 flu outbreak has been less severe than expected. the group will review the status of the pandemic to decide fit has peaked. jane: this is a story that will interest you and may outrage. a convicted rapist has been charged in a horrifying new attack. prosecutors say william french sexually assaulted a woman twice in her home in the boston area. in between the two attacks he cut off a gps device he was wearing because he violated his probation. why after violating his probation was he allowed to remain free and just have a gps on him? you said this is not necessarily surprising, this case. >> unfortunately we have seen more of these kinds of cases. it shows a failure in the system. why aren't the level 3 sex
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get so mad at people like ben bernanke. most economists, god knows what on earth was going through their heads as they watch the bubble keep grow and grow and grow and said everything was okay. now they are surprised fukuda agnone? that is a joke we have around washington. anyone who is doing their job should have known. >> host: amity shlaes anything there you want to address? >> guest: i think it is important to think about the interplay between the war in domestic policy because it is true the government can think about two things at once. it cannot walk and chew gum at the same time and when you have a distraction, whether you believe it is something we should invest then, afghanistan, iraq, the government does not think well about what is going on at home so if you called on our various leaders that the fed or at the white house over time under, in this period under president bush,'s september 11 you would say are you concerned about fannie mae? they would say absolutely, here's the data and they are going out of control, fannie and freddie and we will be have legislation abou
bernanke also kept the market in check. he outlined the plan that the central bank will follow once the economy has recovered. bernanke was scheduled to deliver the testimony in person to a congressional panel, but the wearing was postponed because of, well, the storm. weather permitting, tomorrow we'll get the latest readings on jobless claim ace long with earnings on pepsico and viacom. and did i happen to mention it's snowing here? >> yes. is it making you a little grouchy? >> i'm not grouchy, i'm not going home. that's what's happening. >> hang in there. one year after hayleigh cummings vanished from her home, we hear from her father in jail on drug charges. we're going to talk about that next. >> the nasty winter weather is making roads deadly. earlier we showed you the stretch of interstate 80 in central pennsylvania. we have now learned, at least one person was killed after about 50 vehicles were involved in crashes. this is all in clearville county. another is said to have a serious leg injury because of all of this. no one is really going to go anywhere on the east coast to
in three months and just a hair under 100 million. bernanke said yesterday that the job market remains weak even though the economy is recovering. there is some good economic news. everything from washing machines to airplanes jump 3d% in january and the second monthly increase in a row. >>> coca-cola is changing the way it does business. spending more than $12 million to buy the large bottler. from using independent bottlers to controlling the process. pepsi has recently moved in that direction, as well. >>> get this, a relative of burr nad madoff is changing her name. she is married to buernie's son mark. she filed court papers for herself and her two kids to drop the madoff name. she probably doesn't want that out there, robben . >> she just wants to leave the name alone. >> completely. she's still married. it's not that. it's just the name. >>> a teacher danceoff sounded like kind of a fun idea for a pep rally until it became a lap dance dance off. >>> one of the most taulked abot people at the olympics may be heading home. >>> if you're running late, you must not have signed up for my
's news, chairman of the federal reserve, ben bernanke, says there is a risk for high interest rates and high inflation. borrowing from china and buying huge amounts of oil from opec and we have to realize we have a mess in our hands but there is a solution. we can create jobs and grow our economy without raising taxes. it's a bipartisan american conservation and clean energy independence act, h.r. 2227. this bill uses the trillions of dollars from oil and gas exploration off or coasts, drive conservation and new technologies to improve energy efficiency, develop clean energy generation and infrastructure, rebuild america's independent transportation system and clean our air and water. and not only will we create a clean energy future but create good-paying jobs for years to come. the news tells us how they are but that's not how it has to be. join me in supporting the clean energy and conservation act. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman rise? >> to address the house for one minute and to revis
bernanke who was named by bush the federal reserve chairman, henry paulson, the treasury secretary. they said if they didn't do this bailout, the abyss would've happened and it wouldn't have been a recession, it would have been a depression. >> well, you know, a lot of people did offer that chicken little scenario. and equally other economists and people in the real banking world, for example, a communication i received from the president of bb & t asking the 435 members of the house and the 100 members of the senate not to vote in favor of the bailout because the money would not end up being used by banks to be loaned to consumers and you would have banks under the thumb of greater government control. and, indeed, though i don't like to use hank bolson as a source, he made it very clear that while mccain in the end supported it, when john suspended his campaign to go back to washington, and voters thought he's going to make a stand for us. john, instead of being the tell it like it is straight talk express guy, he meekly read a couple of talking points and went ahead with the whol
bernanke is not sitting next to me but yesterday, he delivered grim news about the nation's unemployment to congress. and our old buddy stuart varney is joining us right now. watched his testimony. it was scary when he was talking about the debt we're running up. but also the fact that unemployment is going to remain high for a while. >> if you listened carefully it was a pretty grim outlook for the u.s. economy. >> it was. >> he spelled it out. this is a very weak recovery and a jobless recovery to boot. you won't get back down to even 7 1/2% unemployment for a couple of years. the end of 2012. a jobless, weak recovery. not good. >> he's not raising interest rates. and that made -- >> the stock market looks to lower interest rates. that's basically it. if you keep interest rates way, way down, markets love it. >> what that said to me when he made the comments is people sitting in the obama administration will say well, that's our green light for more stimulus plan. > >> well, it's also a signal that the first stimulus plan all $862 billion worth of it did not work as advertised. proof
bernanke scheduled to testify before a house committee today. but this was all about unwinding the fed's $2.2 trillion emergency liquidity programs. the hearing has been postponed but his prepared testimony will be released at the top of the hour. several economic reports also being delayed today. on wall street expect light trading volume as folks focus more on the snow and less on stocks. despite all that, the dow is expected to continue to rise after yesterday's 150-point gain. investors are hopeful thedisney network rebounded but the theme parks continue to struggle. same for the movie studios. >>> google launching a new social networking service called the google buzz. it will allow users to post photos and links to their websites. yahoo! an microsoft claim they've been running similar services for years. >>> early numbers here, looks like we're down but just ever so barely. off 12 points. 10,046. still above 10,000. nasdaq off fractionally at this time as well. >>> finally, one more note. southwest airlines has slashed its ticket prices until tomorrow. the carrier is selling one-way t
them like you hate a root canal. that means ben bernanke, you guys were the dentists. how does that make you feel the thing that everyone hates sts thing you had to do. >> i felt like i was having a root canal without anesthesia at the same time. there's a scene in my book "on the brink." and this was a day or two before we were going to need to step in and rescue citigroup. what really hit me was that i was forever going to be associated with these bailouts and the treasury secretary that did these interventions. then i said, that will be the good news. the bad news will be if we can't cobble together something that works for citigroup and it goes down, i'll be one who presides over another great depression. >> remember it was fanny and fred die and city citigroup and a whole host of other banks, ways to try to fix this without public intervention. he talks about the realization he was going to be forever knowns the guy behind the bailouts and how shocking it was. it came to him walking through the reagan library working through the citigroup stuff, the temple of free market t
release the minutes of their meetings. mr. bernanke does testify regularly on capitol hill, explaining what he is doing. and why he is affecting monetary policy the way he is. some have suggested such as milton friedman once, that we could replace the federal reserve with a computer that would determine money supply and interest rates by a basic formula. perhaps that would be better than the usual way we have done in the past. i think the federal reserve policy, you know, can be subject to certain criticism. i'm not sure how it would work to eliminate the federal reserve, but i think there is legitimate disagreement on the way that they've had with the recession. and i think that disagreement is there. las. . 650 employees at the spa at the cost of $100,000 for three days for each employee. was a cost comparison done to justify such a cost? how was that chosen at the venue? what happened there? >> in that particular case there was a cost comparison and there were quotes from several vendors. one the challenges is finding a venue for that many people. it is the high cost. it is the annu
, some news today. federal reserve chairman ben bernanke told the senate banking committee today and his second day of testimony on capitol hill this week that interest rates will have to stay low for a lengthy period to counter a weak job market. the u.s. central bank chief prepared remarks were virtually identical to those delivered yesterday to the house financial services committee. and cheaper nike also told lawmakers that goldman sachs and other wall street firms may be looking into a sophisticated instrument investment instrument to make bets that greece will default on its debts. also about the healthcare summit which you can see live on c-span3 and c-span.org, a story from yahoo news saying that a consensus on how to rein in spiraling healthcare costs seem to be emerging as president obama some that the president agreed with assertions by oklahoma republican senator tom coburn that abuse them out account up to a third of the cost of a time of programs like medicare and medicaid. and is a major barrier to worldwide insurance coverage. senator coburn said that the cost is the chie
let's take a short break, return, please line up here at the head of by the rile. bernanke. -- thank you. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2010] ♪ >> we have quite a lineup on this isle. only a couple on the other. we need a few more folks down here. we've already had to pull some day -- a fulsome day. let's proceed to our question and answer session. we have three other excellent speakers, so a lot to look forward to. i want the banking for coming and your excellent attention. this is our fifth symposium and they seem to get better every year, if that is indeed possible. thank you all for making this such a productive in event. all right, we will begin with our question and answer is, and because there are more of you then of view, we're going to start on this side. >> this is a question for mr. kantor. and cultural prophets redeem themselves with accurate insights? >> i am not sure that i understand the question. >> you are talking about cultural prophesied and you believe that they cannot predict accuratel
pledged in december make up half of the number needed for the training effort. ben bernanke, the chairman for the federal reserve goes to capitol hill this morning. lawmakers will question him on what he can or will the to ease the jobs crisis and make sure the economic crisis -- economic recovery lasts. you can hear the first hour on c-span radio. there is a new study showing hispanics at high-level staff positions in capitol hill are almost nonexistent. this is in spite of the fact that they make up nearly 1/6 of the u.s. population. a of a hundred senate chief of staff, only one is hispanic. there is no hispanic legislative directives -- directors and only one hispanic staff director. hispanics only hold 12 of the roughly for a 40 chief of staff jobs and only nine legislative director slots. -- 140 chief of staff jobs and only nine legislative director slots. some say that is an outrage. the european union wants to halt all executions by 2015 as a step towards abolishing the death penalty. the prime minister did not know how the eu would persuade countries like the united states, china
professor and no stranger to the audience at c-span2, douglas bernanke -- douglas brinkley. thank you for joining us this morning. guest: good morning. thanks for having me. host: if president stay were a holiday celebrating just one president, it there or one president to honor, who would it be for you and why? guest: i think the original, george washington. remember presidents day began as washington's birthday in 1880 and subsequently evolved, 1971 was started getting this concept of presidents day morphing of washington and lincoln's birthday and then the idea of just celebrating the institute of the president and having school children learn each president and what they look like and memorize the names. but washington is, in my view, the person we need to be celebrating on presidents' day. he did something very extraordinary as our first president, he stepped down. he showed you could relinquish power. that we were not going to become a market. he could have stayed in for life terms because he was that popular but i think it was the beginning of the tradition -- of the presence i
said --ç and i remembered s@iing this to bernanke -- i believe for theç denning wall . you guys and your friends and wall street caused the problem. even if you think the ballot as necessary, i tell you what to do. go back to the richest and saying we are putting a surtax on millionaires and billionaires to pay for the bailout. that was my view. xd and iç think what michael is talking about, there was huge frustration and anger in this countryq that government has worked to protect the interest of wall street whileç ignoring- çkow3michael talkingi] about tt that he is a father tried to send kids through college. we are putting more money into programs but we have a lot more to do. i think what people are saying and crying out for, what about us. we are working 50 or 60ç hoursa week, start worrying about us and not just the big money interests. i (jjtjr host: senator bernie sanders, thank you for coming on "washington journal." we will take a short break and will become that the discussion regarding the economy and the latinoç community but the president of la raza. fir
in adjournment until friday 9:30, february 26. that is followed by federal reserve chairman ben bernanke's testimony before the senate banking committee. >> i come from latin america. i am never expecting to find this kind of poverty. >> photographer and documentary filmmaker on a different side of the nation's capital in the shadow of power, sunday on c-span's q. and a. >> homeland security secretary janet napolitano testified before a house in a about her agency's budget request for the next fiscal year. she answered questions about the consolidation of some of the department's programs and denied reports that the board of security staff has been cut. this is three hours. >> the committee on homeland security will come to order. the committee's meeting today to receive testimony from secretary janet napolitano on the presidents fy2011 budget request for the department of homeland security. i want to thanks secretary napolitano for being flexible about testifying in support of the president's fiscal year 2011 budget request for the department of homeland security after back-to-back bliz
. the ayes have it. the motion is agreed to. accordingly the house stands >> ben bernanke testifies about the economy and monetary policy. now, secretary lahood. this part of the hearing is 50 minutes. >> let me just raise a couple of questions with you very quickly. the committee has reviewed thousands of complaints regarding sudden acceleration in the toyota vehicles. before the crash thatñossÑçkçñar membersÑiñr of at( family in aut "tsjutÑ. ñrmy questionÑi is, why did it e jjtxdñrÑi to act? &Ñignz+:çóx@%ylñx].sÑiñr why did it take them so long to act? >> mr. chairman, i would say this. i have been in the job more than a year. prior to my time which would have been prior to january 23rd of '09, if there issues i can't answer, i will get back to you for the record. i will tell you this, 30,000 complaints come to nh tsa every year and we look at every one of them. we think every one is important. some come from people who are driving cars and some come from the industry. we look at what's going on from stakeholders and people in the automobile business. sometimes they f
is unsustainable. the federal reserve chairman, mr. bernanke said we cannot allow ourselves to be in a situation where the debt continues to rise which leads to an unsustainable situation. the former treasury secretary said it is clearly unsustainable the former head of the gao, general walker said we are on imprudent and unsustainable long-term fiscal path. the former chairman of the federal reserve, mr. greenspan said the federal budget is on an unsustainable path. do you noticed the similarity, unsustainable, unsustainable, unsustainable? i know there is a sense of denial among our colleagues about the seriousness of this threat. i see it every day. i have just come from açó meetig in which i see it. this is tough. but it has to be dealt with. if we let this get away from us, we will rue the day. we will rue-the-day. we will regret for ever the consequences to the country. we have to face up to this. whether it is through the commission that the president proposed or some other method, we have got to deal with the consequences of a failure to act. we have to act, the sooner the better. the
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